Power Finance Corporation (PFC), India’s state-run lender to the electricity sector, today announced it has signed Memorandum of Undertaking (MoUs) with Uttar Pradesh power utilities for extending financial assistance of Rs 50,200 crore for multiple power sector projects.

The power ministry today informed projects worth Rs 69,475 crore have been sanctioned so far under two flagship schemes aimed at rural and urban electrification in the country and the government’s programme is on track to implement universal household electrification in India by March 2019.

Pradhan Mantri Sahaj Bijli Har Ghar Yojana –“Saubhagya” a new scheme was launched by the Prime Minister Narendra Modi to ensure electrification of all willing households in the country in rural as well as urban areas on 25th September, 2017.

The new scheme announced by Prime Minister Narendra Modi on Monday to provide power connections to four crore households that lack access to electricity is basically a repackaging of the UPA regime’s Rajiv Gandhi Grameen Vidutikaran Yojana

After two companies ‘ECI Limited’ and ‘BS Limited’ emerged as the lowest bidders for the Rs 221 crore project sanctioned under the Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for the financial year 2016-17